While its leader extolled innovation and the future of tech, the bank paid less attention to risk management and was caught flat-footed by economic change.
Officials were initially unsure about the need for the measures they eventually announced to shore up the financial system, but changed their minds quickly.
March 14, 2023: Following the collapse of Silicon Valley Bank and Signature Bank, is Joe Biden facing a crisis of confidence in US financial institutions?
Plus: political turbulence in Moldova, Nicaragua’s decision to suspend relations with the Vatican and a special interview with Estonia’s former president Toomas Hendrik Ilves.
Across the country, banks of various sizes are battling market turmoil as customers rushed to withdraw their deposits and investors, worried about more bank runs, dumped bank stocks.
In the exclusive neighborhoods and palatial shopping malls of the United Arab Emirates’ biggest city, wealthy Russians can build a new life without having to cut ties to their home country.
March 13, 2023: What’s China’s standing with the West after US president Joe Biden and European Commission president Ursula von der Leyen meet in Washington? Plus: unpacking the Nigeria elections fallout, a roundup of Asia-Pacific papers and all the winners and surprises on Hollywood’s biggest night.
The Treasury, Federal Reserve and Federal Deposit Insurance Corporation unveiled a plan to contain fallout from Silicon Valley Bank’s collapse, and said taxpayers would not bear the costs.
U.S. Steps In to Protect All Deposits at Silicon Valley Bank
Regulators also moved to contain damage, closing another bank. The Bank of England said HSBC would buy the British subsidiary of Silicon Valley Bank.
The Alpine state makes arms that Western allies want to send to Kyiv. Swiss law bans this, driving a national debate about whether its concept of neutrality should change.
March 12, 2023: Emma Nelson, Alex von Tunzelmann and Yossi Mekelberg on the weekend’s biggest talking points. We also speak to Karen Krizanovich about the Oscars and Mary Fitzgerald about the latest developments in North Africa.
Hundreds of billions of dollars are being invested in a high-tech gamble to make hydrogen clean, cheap and widely available. In Australia’s Outback, that starts with 10 million new solar panels.
The agreement negotiated in Beijing to restore relations between Saudi Arabia and Iran signaled at least a temporary reordering of the usual alliances and rivalries, with Washington left on the sidelines.
Some of the unflattering private messages among the network’s hosts and executives may never become evidence when Dominion Voting Systems’ defamation case against Fox News goes to trial.
The Federal Deposit Insurance Corporation took control of the bank’s assets on Friday. The failure raised concerns that other banks could face problems, too.
In the face of declining enrollment, Valparaiso University in Indiana wants to raise money to renovate two dormitories by selling treasures from its art museum. Not everyone is on board.
The deal between regional rivals underlines China’s growing economic and political importance in the Middle East, and what some analysts say is waning American influence.
March 10, 2023: Can Rishi Sunak and Emmanuel Macron mend Anglo-French relations at their summit in Paris? Plus: the Vatican returns three Parthenon sculpture fragments, the latest aviation news and the final episode of our series lifting the lid on the world of espionage.
The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.
After two years championing progressive priorities, the president is speaking more to the concerns of the political middle as he prepares to announce a campaign for a second term.
The former president was told that he could appear before a Manhattan grand jury next week if he wishes to testify, a strong indication that an indictment could soon follow.
In a tight-knit town already skeptical of the government, the lack of concrete information, and the open-ended nature of the crisis, undergird anxiety.
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